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WIVB-TV, KING WORLD'S SUBSIDIARY IN BUFFALO, N.Y., ANNOUNCES LETTER OF INTENT WITH LENDERS

 WIVB-TV, KING WORLD'S SUBSIDIARY IN BUFFALO, N.Y.,
 ANNOUNCES LETTER OF INTENT WITH LENDERS
 NEW YORK, March 2 /PRNewswire/ -- King World Productions, Inc. (NYSE: KWP) announced today that its subsidiary, WIVB-TV, the CBS affiliate in Buffalo, N.Y., has entered into a non-binding letter of intent with its lenders.
 The proposed financial restructuring would result in the following changes:
 -- Debt service obligations would be substantially reduced in exchange for equity,
 -- King World would deconsolidate WIVB-TV from its financial statements, which would lead to:
 -- climation of all WIVB-TV debt from King World's balance sheet.
 -- elimination of any future earnings dilution from King World's income statements. (In fiscal 1991, this dilution amounted to $.20 per King World share).
 -- No change in operating management of the station.
 In response to the new financial structure, Gary Nielsen, vice president and general manager of WIVB-TV, stated, "These new terms will give WIVB-TV the financial clout to invest even more in the Buffalo community. While other television stations are responding to the worst advertising recession in the history of the television industry by cutting back, WIVB-TV has added two and a half hours of local news every week. We remain committed to serving the community of Buffalo, our viewers, and our advertisers. This agreement will give us the ability to expand and invest in the future, supported by the full commitment of King World Productions and the professionalism and flexibility demonstrated by our lenders."
 Jeff Epstein, chief financial officer of King World, stated, "We are delighted with the results of our negotiations with WIVB-TV's lenders and the cooperative and supportive spirit in which they were conducted. We all share the same goal-- to build WIVB-TV into the dominant force in television news and entertainment in Buffalo. That is the surest way to maximize the value of our shared investment."
 The agreement will become binding following completion of definitive agreements and approval by the FCC, which is expected during King World's third or fourth fiscal quarter.
 -0- 3/2/92
 /CONTACT: Allyson Kossow of King World, 212-315-4000/
 (KWP) CO: King World Productions, Inc. ST: New York IN: ENT SU: FNC


SM-OS -- NY062 -- 4009 03/02/92 13:15 EST
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Publication:PR Newswire
Date:Mar 2, 1992
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